7 °c
London
Monday, April 19, 2021
No Result
View All Result
FurtherAsia FurtherArabia FurtherBrazil FurtherRussia
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Mozambique’s ENH will receive state guarantee to issue Eurobonds

FurtherAfrica by FurtherAfrica
April 2, 2019
in Africa, Banking, Economy, Finance, Gas, Mozambique
Reading Time: 2 mins read
0
Mozambique backs regional currency repatriation
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

The Mozambican government will grant a State endorsement on the issue of Eurobonds by oil company ENH in order to guarantee its participation in natural gas projects, the Economist Intelligence Unit (EIU) reported.

EIU analysts also said that the continuing crisis of so-called hidden debts will not prevent the granting of a new state guarantee, this time to ensure the participation of that public company in the projects of the Rovuma basin.

State guarantees granted by the former government of President Armando Emílio Guebuza on two loans to two public companies – Mozambique Asset Management and ProIndicus – flouted Mozambican laws.

ENH has a 15% stake in the Area 1 block, led by the Anadarko Petroleum group, and its involvement in the financing of the project is estimated at US$2 billion, which the company intends to raise in international markets.

The EIU writes in its latest report on Mozambique that the project is financially secure, supported by credible oil companies, is transparent and has been approved by the Mozambican parliament.

Mozambique’s economic development is dependent on the start of the exploration of the natural gas reserves in that area of the north of the country, with the EIU predicting that the economy will “continue to drag” in 2019 with a growth rate of 3.7 %, before starting to accelerate from 2020 with 4.9% to reach 7.5% in 2023, the year in which operations are expected to start.

Exports will tend to fall slightly in 2019, as international prices of the two major products that make up the bulk of Mozambique’s exports, aluminum and coal, are expected to decline.

The implementation of State budgets should show deficits over the whole period under review – 2019/2023 – with a maximum of -9.0% of gross domestic product this year and a minimum of -3.7% in 2023.

The inflation rate, in turn, will tend to worsen slightly, with maximum and minimum values of 3.9% in 2020 and a maximum of 5.7% in 2022 and 2023, due, according to the EIU, to the depreciation of the metical against the world’s major currencies.

Source: Macauhub

Related

Tags: AnadarkoEconomist Intelligence UnitEIUEmpresa Nacional de HidrocarbonetosENHEurobondFeatureGashidden debtinflationLNGMozambiqueMozambique Asset ManagementNatural GasProIndicusRovuma Basinмозамбикموزمبيقモザンビーク莫桑比克
ScanSendShare320Tweet200Share56Pin72Send
Previous Post

Applications open for Jack Ma’s US$1m Africa Netpreneur prize

Next Post

IMF concerned about the high level of Angola’s public debt

FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Currency

Zimbabwe considering bank fines, suspensions over currency gouging

by Staff
April 19, 2021
gas processing plant Angola
Angola

Angola to launch oil and gas licensing round on April 30

by Duarte Marques da Cruz
April 19, 2021
Where To Invest In Africa 2020 – RMB Report
Economy

Sub-Saharan Africa’s economic growth set to recover in 2021 – IMF

by FurtherAfrica
April 19, 2021
Fintech

South African fintech Peach Payments secures funding with plans to expand across Africa

by TechGist Africa
April 19, 2021
Aviation

Air Zimbabwe creditors to be paid through 1 to 1 Zimbabwe/US dollar ratio

by Staff
April 19, 2021
Next Post
Bank of Angola provides US$500M for auctions in August

IMF concerned about the high level of Angola’s public debt

Cabo Verde introduces new law to produce statistical data

Cabo Verde sees economic growth of 5.5% in 2018

No hope for Tanzania’s closed forex shops

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

2021 AFSIC
2022 Indaba Mining

FurtherAfrica Partners

The Exchange Club of Mozambique Taarifa Rwanda
CrudeMix Africa TechGist Africa Farmers Review Africa
Botswana unplugged Financial Insights Zambia Africa Oil & Power
Harambee Africa Novafrica  

Subscribe to FurtherAfrica

Enter your email address to receive notifications of new articles on your email.

Join 73,051 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About

© 2021 FurtherMarkets

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?